EUR/NZD Price Analysis: Bulls stepping in at key confluence area

EUR/NZD is starting to decelerate within the daily correction.
Bulls have eyes on a continuation of the bullish trend.

Ross J Burland FXStreet

EUR/NZD has corrected to a 50% mean reversion and there are prospects of a phase of consolidation at this juncture and a continuation to the upside if the structure holds.

The following is an analysis of the daily and hourly chart that illustrates the bullish thesis.

EUR/NZD daily chart

There is a confluence of the deeper Fibonacci retracements at this juncture from which bulls will look to engage from.

The upside potential is compelling for a continuation of the daily recovery from weekly lows.

EUR/NZD hourly chart

From a near term perspective, the bulls are drawing into the hourly M-formation's neckline which is a bullish pattern from within the daily support structure.

A break above the near term resistance opens a layer of further resistance structures that the bulls will need to accomplish.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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